The rise in corn prices follows the progress of planting in southern Brazil.

Corn prices recovered in September, both on the Chicago Board of Trade (CBOT) and in the Brazilian domestic market, driven by concerns about lower productivity in the United States and strong external demand and demand for ethanol. In Brazil, planting of the first crop progressed satisfactorily, especially in the southern region.

On the CBOT, corn rose 7% compared to August, reaching USD 4.12 per bushel. The dry and hot weather in August in the United States increased the risk of yield losses, which is partially confirmed with the start of the harvest. Demand for ethanol production and international shipments contributed to supporting prices.

Domestically, the price increase followed the external trend. In Campinas, the price of the grain rose 1.5%, quoted at R$ 64.80/sack, while in Sorriso the increase was 4%, reaching R$ 46.50/sack. Despite this, producers remain cautious in their sales, with approximately 55% of the 2024/25 crop already sold, below the historical average of 60% for the period.

Planting of the first crop has progressed well in the Southern region, benefiting from favorable weather conditions. Data from Conab indicate that 31% of the projected area has already been sown, with Paraná (84%), Santa Catarina (72%) and Rio Grande do Sul (83%) standing out.

In the United States, the Department of Agriculture (USDA) reported that quarterly corn stocks for the 2024/25 crop year closed at 38.9 million tons, above the market expectation of 33.9 million tons, but below the September 2024 stock of 44.8 million tons. This figure suggests that the USDA may revise its estimate for the US crop year in upcoming releases, adjusting stocks upwards.